Charles Schwab is laying off 600 workers in response to a slowing economy and pressure from slumping interest rates, the company said.

The cuts represent about 3% of the bank’s workforce and comes across all sectors amid an effort to streamline expenses as net interest revenue comes under pressure.

“This Spring, we initiated a process to review our expense base to ensure we remain well-positioned to serve clients while navigating an increasingly challenging economic environment,” the company said in a statement. “As part of that process, we have decided to eliminate approximately 600 positions across the firm. Impacted positions span all staffing grades, as well as organizations and…